ExxonMobil Enters into Farm-in Agreement to Explore Deepwater Potential off Philippine Islands.IRVING, Texas Irving (pronounced 'er-ving') is a city located in the U.S. state of Texas within Dallas County. According to the 2000 U.S. Census, the city population was 191,615; the 2006 estimate was 201,927 according to the North Central Texas Council of Governments, and 196,084 according to -- Exxon Mobil Corporation Exxon Mobil Corporation U.S.-based oil and gas company formed in 1999 through the merger of Exxon Corp. and Mobil Corp. It has investments and operations in petroleum and natural gas, coal, nuclear fuels, chemicals, and ores. (NYSE NYSE See: New York Stock Exchange :XOM XOM Exxon Mobil Corporation (stock symbol) XOM X/Open Object Management XOM OSI-Abstract-Data Manipulation API XOM Xml Object Model XOM X/Open Osi Abstract Data Manipulation ) announced today that its subsidiary, Esso Exploration International Limited, and Mitra Energy Limited (MEL (Maya Embedded Language) See Maya. Mel - The story of Mel ) have entered into an agreement to explore for hydrocarbons in the deepwater Sandakan Basin southwest of the Philippine Islands. Under terms of the recently signed farm-in agreement, an ExxonMobil affiliate has acquired a 50 percent operating interest in Block SC 56. MEL retains a 50 percent equity interest in the block and will operate the 2D seismic acquisition phase of the exploration program. "We are pleased to add this prospective acreage to our global portfolio and to have this opportunity to enter the oil and gas industry in the Philippines," said Steve Greenlee, vice president of Esso Exploration International Limited. "We look forward to working with Mitra as we explore for potential commercial resources in the block." The oil exploration agreement covers approximately two million acres and is subject to approval by the Philippines Department of Energy. "This agreement aligns with our global business strategy to pursue business opportunities around the world that meet our investment criteria," stated Greenlee. Exxon Mobil Corporation is a leading international energy company whose subsidiaries have operations in nearly 200 countries and territories around the world. In the Asia-Pacific region, ExxonMobil has major exploration and production operations in Australia, Indonesia, Malaysia and Papua New Guinea Papua New Guinea (păp`  ə, –y . The company also has a significant refining and marketing presence in more than 12 countries in the region. CAUTIONARY STATEMENT: Estimates, expectations, and business plans in this release are forward-looking statements. Actual future results, including project plans and schedules, could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments; the results of exploration; the outcome of commercial negotiations; and other factors discussed under the heading "Factors Affecting Future Results" in the Investor Information section of our website (www.exxonmobil.com) and in Item 1A of our most recent Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . |
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